Casino Focused on Strategic, Financial Objectives After Moody's Downgrade

Date : 03/04/2019 @ 08h01
Source : Dow Jones News
Valeur : Casino Guichard Perrachon (CO)
Cours : 44.1  0.85 (1.97%) @ 17h40
Casino Guichard Perrachon Cours Graphique

Casino Focused on Strategic, Financial Objectives After Moody's Downgrade

Casino Guichard Perrachon (EU:CO)
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1 an : De Oct 2018 à Oct 2019

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   By Anthony Shevlin 
 

Casino Guichard-Perrachon SA (CO.FR) said late Tuesday that it remains focused on its strategic and financial objectives for 2019-2021 in light of Moody's decision to downgrade the company's financial rating.

"Casino Group takes note of Moody's decision to downgrade its financial rating from Ba1 negative outlook to Ba3 negative outlook," said the retailer.

Casino said the ratings cut has no impact on the availability or cost of the group's financial resources and noted Moody's positive comments on the company's limited and decreasing exposure to the declining hypermarket format.

"The group notes that Moody's bases its analysis on Casino's gross debt at the end of 2018, which takes into account neither the disposal plan nor the future reduction in bond debt," said Casino.

The French retailer highlighted its recently increased asset disposal plan target, which it raised to at least 2.5 billion euros ($2.8 billion) by the first quarter of 2020, from EUR1 billion.

Casino said it also plans to generate free cash-flow in France of EUR500 million, enabling it to cover its dividends and financial expenses.

 

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

 

(END) Dow Jones Newswires

April 03, 2019 01:46 ET (05:46 GMT)

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